The global OTC Consumer Health Market is estimated to be valued at US$ 204.06 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The OTC consumer health market consists of over-the-counter non-prescription pharmacy products including vitamins and dietary supplements, skin care products, oral care products, menstrual care products, sleep aids, digestive remedies, pain relief medication, smoking-cessation products and more. These products are intended for use in addressing common ailments without prescription from a health care professional.
Market Key Trends:
One of the key trends in the OTC consumer health market is the rising demand for phytochemical enriched foods and dietary supplements. Phytochemicals are bioactive non-nutrient plant chemicals that provide health benefits beyond basic nutrition. They are believed to reduce the risk of major chronic diseases. With growing awareness about preventive healthcare, consumers are increasingly opting for food products fortified with phytochemicals like carotenoids, flavonoids, polyphenols etc. as a natural alternative to prescription drugs. This drives the demand for OTC Consumer Health products enriched with various phytochemicals from sources like fruits, vegetables, herbs and whole grains.
The OTC consumer health market Size is segmented as medication, nutrition products, skin care products, weight management and wellness products, dental care, and others. The medication segment dominates the market and accounted for more than 30% share of the global market in 2023. This is owing to increasing awareness about self-medication and availability of wide range of medicines without prescription.
The global OTC consumer health market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing awareness about health and wellness. The market size for 2023 is US$ 204.06 Mn.
Asia Pacific region accounted for largest share in the global OTC consumer health market in 2023 due to rising disposable income and increasing healthcare expenditure in populous countries like China and India. North America is expected to witness fastest growth over the forecast period owing to high healthcare penetration and awareness.
Key players operating in the OTC consumer health market are Johnson & Johnson, Abbott Laboratories, Sanofi, GlaxoSmithKline plc. Bayer AG, Nestle Company, Procter & Gamble Corp., Danone Food Company, Colgate Palmolive Mfg. Company, Unilever, and Henkel AG & Co. KGaA. Sanofi S.A. held leading share in global market owing to wide product portfolio and strong distribution channels.
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